Promaxo | Dinesh Kumar, COO

(Transcription)

Dinesh Kumar  0:09  

So what do we do at Promaxo. So we have built our first open configuration MRI system for an office setting, we shall be chaired in prostate cancer space, which is FDA cleared. And currently building robotic system and AI based tissue characterization tool. We are already at revenue. Let's go back to Mr. Y Mr. And I think, you know, especially with this audience that goes without saying that, you know, it's one of the best modality for screening, diagnosis, and even planning treatment. And there are probably 1000s of journal articles and stuff supporting that. But MRI in many fields, especially, you know, in prostate cancer, which is our beachhead hasn't quite become standard of care yet, at least as the first line of defense. And it's due to a variety of reasons. One of them is that you know, the cost the infrastructure needed, and which leads to, you know, wait times patients are shuttling in between hospitals or imaging centers and neurologists, or surgeons, and urologist, and surgeons can almost never have direct access to MRI. But even equally importantly, interventional MRI patient is in a boat, and it has very poor access to patient anatomy. And likewise, you need very, very specialized tools. How we are addressing this is by developing lowfield MRI system, which does not require any facility upgrades, it doesn't require shielding. And it's relatively inexpensive. It fits very seamlessly into an office setting. And you can see this doughnut shape. That is really the magnet that said, and you don't put anything into that board that's clearly for robotic guidance. So the patient lies against the system. So the imaging field of is outside of the magnet, not inside the magnet. So it's about four feet tall. So the vision is to do full 360 degree coverage of prostate cancer measurements, for a patient starting from screening to diagnosis to target treatment and follow up, including active monitoring for the patients. So screening, we are building some protocols right now with several research partners, and ourselves. For diagnosis and targeted interventions, we are FDA cleared, and we are building robotic system as we'll see the future. So by doing that, what we aim to do is really provide patients better coverage that is cheaper, but also leading to early diagnosis, better diagnosis, and early treatment, which results in better outcomes. So now it's a very attractive, beachhead opportunity of $3 million prostate cancer market. But when we really looked a little deeper, we see that every year, at least 30,000 people, 30,000 men die of prostate cancer. Now, you know, and this number has remained flat. And actually even surprisingly, rising over the last few years, over the last 15 to 20 years. So whatever we have been doing hasn't quite been impacting prostate cancer, or at least deaths among men in the United States. Now doing that, also, it's pretty attractive for large large group practices or a typical private practice. And what we have done is modeled here on the right side, what the ROI looks like for a practice if they were to use products, the system. And you can see that based on existing CBT reimbursement codes, actually providing better care gives them ROI within a year and beyond that they are actually profitable. So the team is going, the company is backed by a team of executives and again, many of us are serial entrepreneurs. We have brought several devices to market and prostate cancer space interventions, robotics, MRI, and people have backed down from large companies like Philips, and Stryker, and Pfizer. And we are also supported by more than 20 clinical and business advisors. The next couple of years look like this for us. The MRI system is FDA cleared. So we are right now in middle of our commercialization. And that's what we are actually here to raise capital for as well to do our scale up and early compensation efforts. Then a robotic system is being developed and we expect it to be submitted for FDA review early next year. And all this while we are collecting clinical data, which means that imaging data but also the ground truth in forms of pathology finding where we know where exactly cancer is and we have corresponding image data to really train our classifier and look at screening and diagnostic and target Picking up platforms for that. So when we look at, say comparables, at least informed competitors, right. So most of these devices are dedicated MRIs. When you look at it, you know, they're dedicated to one field. But products are devices, versatile, that checks all these boxes of these different points. But when it's for pelvic imaging right now for prostate, but easily extendable to adjacent markets, so breast and we are doing some research on that as well. And extremities. It's low field doesn't require shielding. But the most important differentiation is the bottom two, which is basically compatibility with robotics, and access to the anatomy of interest, so that we can actually do interventions directly under MRI in an office setting. So again, I don't expect anyone to read this slide, it's very long. But the takeaway message here is that our technology is protected by more than 200 patents issued and filed. So little bit of financial snapshots on left, do you see revenue projections, like so we are already at 70, we were at revenue last year 2021. And we still we have been we have stayed on target so far. But as we go deeper and deeper into further and further into future, we see that disposable part actually start becoming a bigger, bigger and bigger chunk of percentage of overall revenues. And on the right side. It's broken down a little bit more into your margins, and EBITDA and all and you see that in 2023 is when we will start breaking even and 24 It's been really become profitable. And that's because next couple of years, we'll be really investing into our scale up and commercialization and development of robotic platform. So we have so far raised $42 million in, you know, against startup financing, but you know, dilutive, non dilutive all of that, currently closing our bridge to CDC, and really looking at CDC of $40 million so far. So a lot of, again, validation has to go into device before you know, we are ready for primetime. And this slide again, shows I could spend probably half an hour on this, but I want the whole point is that you know, the device has been proven to be an accurate, safe and effective. And in terms of clinical studies, so we have done Perisic patient as of this presentation, and we compare it against standard of care, which is basically, you know, ultrasound biopsy trial to 15 core. And we take three to four cores, targeted biopsy. And what we found was that detection rate was an it shouldn't come as a surprise for people who are in the field that is 50% better doing a biopsies document or MRI in an office setting. And out of these terrific patients, nine patients were found to have cancer exclusively on MRI. And what that does is it allows physicians to when they can detect cancer to actually it gives them more options to do treatment or active surveillance and many of the things that aren't option if diseases detected much later. And basically a lot of data is available in public domain in the form of publications as well. And I think with that I conclude please join me in breakout room. Would love to talk to you more about that. Thank you.